If you are one of those individuals, who want to have some savings but do not know how exactly you loose all your hard earned money on some of the ‘guilty pleasures’, then here is a good news for you. HSBC has launched a smartphone app, that will try to help the customers save their hard earned money. The app will be so designed that it will automatically move the money to the savings account of the customer.
HSBC App Seems A Smart Saving Option For Users
The app, aims to help reduce the wastage of money of an individual on ‘guilty pleasures’. The users, using the HSBC SmartSave app will be able to move their money to the savings account automatically on the basis of the preset rules. The mobile algorithm is such that it automatically detects the extra amount that is available to the user, with the help of a combination of nudges and auto rules.
The app has various options, to enhance the user support. For example, users might set up rules like each time the user goes out onto shopping and buys something, the app would read the same and transfer a small amount, the preset value, to the savings account of the user. The user would be best aware of his lifestyle and the amount he wants to save and accordingly set a preset value. The user can also choose to save a preset value each weekend or each month or even each day.
The app is currently out for a trial and will be available to only about 2000 HSBC customers. The users need to have an HSBC account to pay out the savings as well as pay into their savings.
Talking about the new app, which seems to be a really new thought, Raman Bhatia, who is the head of the HSBC in Europe and UK said that the company is pushing the boundaries and trying to make sure that the customers have a better savings habit. The app comes from the HSBC, along with collaboration from the financial start-up, Pariti.